[1] The first two Panda bonds were issued in October 2005 on the same day by the International Finance Corporation and the Asian Development Bank.
[2][3] The Chinese government had been negotiating for several years about implementation details before permitting the sale of such bonds; they had been concerned about the possible effects on their currency peg.
In May 2010, rules were liberalised and more issuers were allowed, with the restriction on proceeds not being remitted abroad lifted.
The Philippines became the first Association of Southeast Asian Nations member to issue Panda bonds.
[6] The Treasury bureau of the Philippines has said that regulatory approvals are the only remaining for the issuance of three-year and five-year panda bonds — renminbi-denominated debt sold in China by a foreign issuer.